Tom-N-Jerrys Boat Center – What You Need to Know About Insuring Your Boat

If you are considering buying a new boat, you will need to think about insuring it. The boat insured should be separate from your homeowner’s policy, as most homeowners’ policies do not cover marine-specific risks. However, some homeowners’ policies could include coverage for smaller boats up to a maximum of 100-horsepower. Tom-N-Jerrys Boat Center has been in the marine business for around 40 years and recommends boat owners look for reliable insurance companies to have their boats insured.

Insurance Factors

When insuring your boat, there are several factors that come in play that could decide whether the company offers you a policy or not. Some of the factors include:


  • Value of the boat
  • Age of the boat
  • Length
  • Horsepower
  • Condition and type of boat
  • Primary residence (in case the boat is used as a primary residence)
  • Home-made (without a serial number)
  • Houseboats without a motor
  • Multiple owners
  • Areas of operation


Types of Insurance

When it comes to insuring a boat, there are two types of insurance policies that are available; “actual cash value” and “agreed value.” The difference in the two policies is how depreciation is handled. “Actual cash value” policies cost less up-front, but factor in depreciation, which means the actual value of the boat will be determined when it is declared a partial or total loss. On the other hand, “agreed value” policies will cost much more up-front, but there is no depreciation on the value of the boat.

Tom-N-Jerrys Boat Center has a dry storage facility at the Twin Bridges Marina on the Swinomish Channel.